The World Bank Armenia Housing Finance 1 Overview l The Armenian housing finance market holds promise, banks are lending to upper income households l
{"Image DocumentName": "Robust housing finance creates jobs and growth", "Image ImageDescription": "Countries with strong financial systems grow faster than countries without them. Strong housing finance systems generate savings and improved living conditions for moderate and low income households, local employment (building materials, skilled labor, financial professionals) and growth. In the U.S., employment in housing and housing-related industries is estimated to have accounted for 43% of the rise in private-sector payrolls since late Rapid economic growth (averaging [9.6] percent in the past 5 years), low inflation (averaging [3] percent in the past 5 years), and legal reforms have contributed to a nascent mortgage industry. Banks lent an estimated USD [2.8] million in 2002 and an estimated USD [7.1] million in 2003, to total [1.5] percent of total bank assets.[1] Most mortgage lending is in USD, at fixed interest rates ranging between 14 and 24 percent, for low loan to value ratios (LTVs) of 50 percent, at an average term to maturity of 5 years, to a maximum of 7 years. [1] CBA figures cited in KfW report. Armenia Housing Finance.", "Image XResolution": "37", "Image YResolution": "37", "Image ResolutionUnit": "Pixels/Centimeter", "Image Software": "SlidePlayer", "Image YCbCrPositioning": "Centered"}